Ence Energia y Celulosa's operational performance has weakened beyond our previous base-case scenario due to an adverse change in energy regulation and weakening pulp prices. We are lowering the long-term credit rating to 'BB-' from 'BB'. The outlook is negative, indicating that we could lower the rating by one notch if Ence's credit metrics do not recover significantly in 2015. STOCKHOLM (Standard&Poor's) Nov. 20, 2014--Standard&Poor's Ratings Services today lowered its long-term corporate credit rating on Spanish pulp and electricity producer Ence Energia y Celulosa (Ence) to 'BB-' from 'BB'. The outlook is negative. In addition, we lowered the issue rating on Ence's €250 million senior secured notes. We have also revised the recovery rating on the
